Payment on Account will now be available to Saskatchewan cattle and hog producers purchasing a policy.
“What it does is give the producer an option to defer the payment on their insurance,” said provincial Agriculture Minister David Marit. “They can pay it up front or pay it at the end of the term of the contract.”
Western Livestock Price Insurance (WLPIP) provides protection against an unexpected drop in market prices over a defined period of time.
The federal/provincial program started four years ago, with the highest participation numbers in 2017-18.
Twenty-two percent or approximately 176,000 calves were insured during the spring of 2017; along with two-and-a-half percent or approximately 19,690 feeder cattle and 4.5 percent or 4,463 fed cattle.
Approximately $405,000 was paid out to cow/calf producers in the fall of 2017. Price insurance for calves will be available again in February.